Venture Capital Schemes Manual

VCT: VCT winding-up: prescribed winding-up period

SI2004/2199 Regulation 2

The modification of the VCT scheme tax rules for a VCT-in-liquidation and its investors provided for by SI2004/2199 regulations 3 - 8 (VCM56010) is restricted to the prescribed winding-up period of the VCT-in-liquidation.

The prescribed winding-up period is the period:

beginning with the commencement of the company’s winding up, and

ending with the earliest of:

the end of the company’s winding up

the company ceasing to be wound up

the dissolution of the company

the third anniversary of the commencement of the company’s winding up.

The regulations do not define the time at which a winding-up commences or ends. A winding up should be regarded as commencing on the passing by the company of the relevant resolution, or if there is no such resolution, on the presentation of a winding up petition (if successful), or on the doing of any act for similar purpose.